Line’s blockchain arm LVC Corporation has received an operating license from Japan’s Financial Services Agency (FSA) to run a crypto exchange in the country, the company announced on Friday.
The messaging giant received the license under the country’s Payment Services Act and is allowed to offer crypto trading pairs with Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP, per the FSA’s updated document.
“LVC has been persevering to produce a sound business plan and activity, streamline the service’s security and system operation, and build a robust team to operate a secure service in accordance with the Financial Services Agency’s (“FSA”) guidance on the screening process and other necessary steps for the registration of new cryptocurrency exchanges,” the company noted.
Mandatory licenses to enter the two big markets
LVC Corporation, which also operates Line’s digital currency, has already been operating crypto exchange BitBox since July 2018, however, due to licensing issues, its services are not available in Japan and the United States.
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FSA’s green light has paved the way for the company to extend its crypto trading to Japan.
“LVC has been listed in FSA’s official registry of virtual currency exchange service providers published today. LVC is now ready to begin preparing for the launch of its cryptocurrency exchange which places user safety and security in its forefront,” Line stated in the official statement.
As Finance Magnates reported earlier, Line will launch the exchange for its 80 million Japanese user base, allowing them to buy and sell cryptocurrencies. The new exchange will be named BitMax.
With the addition of LVC, the Japanese regulator has granted permission to 20 companies to run crypto exchanges in the country. In May, the FSA granted the same license to Yahoo-backed crypto exchange Taotao.
Japanese internet giant Rakuten launched its mobile-based crypto exchange in the country last month.